The 50th meeting of the GST Council is set to be held today in the national capital. Union Finance Minister Nirmala Sitharaman – the head of the Council – will chair the meeting. As per the ANI Reports, the the Group of Ministers (GoM) report on online gaming, casino and horse racing along with proposed taxation is expected to be up for consideration. The report suggests there has been no common consent among GoM members for taxing online gaming at a flat 28 per cent. Apart from online gaming, the Council is also expected to discuss and sew up the constitution of a GST Tribunal and its benches. The rules and regulations related to tribunals may also be finalised tomorrow, the sources added. The Council is also likely to clarify on the GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food For Special Medical Purposes, used in treatment of various diseases. Doctors, economists, and public health groups have urged the Goods and Services Tax Council to increase the compensation cess on all tobacco products in order to generate additional revenue for the government.The 49th meeting of the Council was held on February 18, 2023. The meeting took several decisions including adopting the report of the Group of Ministers (GoM) on the GST Appellate Tribunal with certain alterations.Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of its implementation as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.For providing compensation to States, Cess was being levied on certain goods and the amount of Cess collected was being credited to Compensation Fund. The compensation to States was being paid out of the Compensation Fund with effect from July 1, 2017.
